This morning would be a remarkable morning in 2023 for I got my first income, one dollar, through writing something on this platform.
Money is not my primary aim in writing; instead, I view it as an outcome of reading, contemplation, and writing. It's truly inspiring to engage with others' book reviews, igniting a desire in me to take notes. Writing serves as my means to internalize and manifest these ideas.
This content creator has delved into numerous books on wealth accumulation, prominently recommending "The Millionaire Fastlane." Although the potential for swift riches exists, easy wealth isn't guaranteed. The following are five methods for achieving rapid affluence:
- Avoid slow lane
Be cautious of three traps: safety trap, time for money and belief trap. Safety trap often masquerades the comfort zone. Our parents tend to tell us to study hard, get a good job, and then retire with annual pensions. Our lives seems to be secured; however, there aren't always sunny days .
Trading time for money is also a slow lane to wealth. Time is limited and very valuable. It's wiser to generate money without excessive time investment. - Wealth isn't an event.
People just remember the event/ outcome of someone making a big fortune, but overlook the whole process to it. - Build money trees
Four types of money trees we may grow are rental, distribution, softwar and content systems. The rental system involves leasing available real estates or lisencing. I don't get clear understanding of distribution system. The youtuber uses amazon and AppSumo for examples. I think it plays a role as matching the need and the supply. Writing a book or building a YT may turn the content into cashflow. - Switch from being a consumer ito a producer
- Show commitment, not just show interest
Many Taiwanese like to visit temples, burning incense sticks and wishing upon getting rich. All they do is burning incense sticks and paper money. Many people are interested in becoming a millionaire, but do less to achieve it. Again, actions speak louder than words.
To build a business helps get rich easier. Here are five commandment of building a business.
- The commandment of need. Supply somethig people want. That's where the business is.
- The commandment of entry. Build a business with higher entry barrier. That's to say, it's hard to be copied and goes with less competitors. Build a youtube is not easy. It demands more than casual conversations, especially when it's a content money tree.
- The commandment of control. If we could not get good control business factors like pricing or quality, it would not be a proper business. Further, it may ruin reputation or get you into trouble.
- The commandment of Scale. According to the Law of Effection, in order to be a millionaire, we have to impact a million people.
- The commandment of time. Building wealth requires patience and persistence over time.
